I have what I think is truly great news. We at VanDyk Mortgage have started warranting condos. This allows us to be less stringent regarding down payment requirements (than our friends over at Fannie Mae), and actually opens up the local condominium market to another sector of buyers that are currently not eligible for financing.

What we as a company have decided to do is absorb some of this risk to get these units moving. The condo market is a huge one for those who snowbird and/or seek a low maintenance lifestyle. We believe it needs a little support.

So we are accomplishing this by reducing the down payment requirements pretty much across the board.

Down payments for second homes: 30% for Fannie Mae; 20% for VanDyk Mortgage

Down payments for investor properties: Not available from Fannie Mae; 35% for VanDyk Mortgage

The only caveat to these opportunities is that there’s an extra step. The property will take 35 days to close instead of 30, and the minimum loan amount is $50K. Not bad…

At the end of the day, by underwriting our own guidelines we are guaranteeing the loans. We think it is not only good business, but it makes sense for the home buyers who have the established credit, just don’t necessarily have the little extra green it takes to get the American Dream.

Compliance

Disclaimer
I use this blog as my tool to keep anyone that has any interest in the lending industry informed. While my information is as accurate as possible, my opinions (and occasional criticisms) are my own and do not reflect the views of VanDyk Mortgage. ****
Disclosure Statement - VanDyk Mortgage is not affiliated with any governmental agency. The material shown on this site is for informational purposes only and is not an offer to lend or extend credit. All applications are subject to underwriting approval and guidelines. Not all applicants will qualify for loan products described. All loan programs, terms, pledges, guarantees and conditions are subject to the rules and regulations and to change without notice. The products and services shown are not available in all geographic areas. The information and graphics shown are provided "as is" and VanDyk does not warrant the accuracy or completeness and disclaims any liability for errors, omissions or performance of the stated terms.